Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities
综述NFT市场发展，聚焦定价决定因素、当前应用和未来机遇，总结比较金融与计量模型在NFT定价中的预测表现，设计框架理解价格形成，帮助分析投资者行为。
Abstract This paper provides a review of the development of the non‐fungible tokens (NFTs) market, with a particular focus on its pricing determinants, its current applications, and its future opportunities. We investigate the current state of the NFT markets and highlight the perception and expectations of investors toward these products. We summarize and compare the financial and econometric models that have been used in the literature for the pricing of non‐fungible tokens with a special focus on their predictive performance. We design a framework that can help to understand the price formation of NFTs. We further aim to shed light on the value‐creating determinants of NFTs in order to better understand investors’ behavior on the blockchain.